Renewal removes Columbia’s largest 2018 lease expiration and keeps the 451,000-square-foot complex 100% leased
Columbia Property Trust, Inc. (NYSE: CXP)today announced that it has finalized a renewal with DLA Piper to retain the law firm in all 119,000 square feet that it currently occupies at University Circle in East Palo Alto, California, through June 2023. The renewal, which will be effective upon the expiration of DLA Piper’s current lease in June 2018, will keep the 451,000-square-foot University Circle office complex nearly 100% leased.
DLA Piper has been a significant tenant for University Circle since Columbia acquired the office portion of the complex in 2005 and is one of several significant law firms housed there, along with leading technology tenants such as Amazon Web Services and NTT Innovation Institute.
“We greatly value our relationship with DLA Piper and are pleased to retain this important tenant for University Circle,” said Nelson Mills, Columbia’s president and CEO. “With this renewal, we have renewed the largest remaining 2018 lease expiration in our portfolio, at favorable terms, further strengthening our portfolio and continuing to build on our value-creation strategy.”
The University Circle campus includes three office buildings completed in 2003, in which Columbia owns a majority interest, and the Four Seasons Hotel Silicon Valley, which is under separate ownership. Columbia is currently undertaking an enhancement of the campus’s central courtyard to create a more collaborative and entertaining communal space, which should be ready for tenants to enjoy later this year.
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) owns and operates Class-A office buildings concentrated in high-barrier-to-entry, primary markets. Its portfolio includes 16 operating properties containing over eight million square feet, concentrated in New York, San Francisco, and Washington, D.C. Columbia carries an investment-grade rating from both Moody’s and Standard & Poor’s. For more information, please visit www.columbia.reit.